Eagle Ford Shale

Penn Virginia Adds To Eagle Ford Shale Position

Penn Virginia (PVA) has purchased an additional 4,100 net acres prospective for the Eagle Ford Shale in Texas.  The company will pay $10 million for 3,200 net acres in Gonzales County and 895 net acres in Lavaca County. 

Penn Virginia said that the joint venture partners involved with the company will receive their share of the acquired acreage, leaving 3,000 net acres for the company and increasing its total Eagle Ford Shale position to 30,000 net acres.

Comstock Resources - Eagle Ford Shale Update - Third Quarter of 2011

Comstock Resources (CRK) released an update on the company’s operations in Texas where it is developing the Eagle Ford Shale.  The company purchased an additional 6,000 net acres in October 2011 and now has 28,000 net acres prospective for this formation in the oil window of the play.

Comstock Resources has drilled 12 net Eagle Ford Shale wells and completed 8 net wells in the first nine months of 2011.  The company reported that these wells had an average initial production rate of 683 barrels of oil equivalent (BOE) per day.

During the third quarter of 2011, Comstock Resources completed four Eagle Ford Shale wells and has five other wells being completed.

In 2012, Comstock Resources plans to add one rig in the Eagle Ford Shale, increasing the company’s rig count here to three. Comstock Resources has budgeted $227 million of a $396 million capital budget for the South Texas region:

$207 million – Drill 32 gross or 28.9 net wells.

$14 million – Complete 6 gross or 5.6 net wells drilled in 2011.

$6 million – Exploration of other plays in South Texas.

Carrizo Oil and Gas Enters Joint Venture In Eagle Ford Shale

Carrizo Oil and Gas (CRZO) reported that the company has entered into a joint venture in the Eagle Ford Shale in Texas.

Carrizo Oil and Gas sold 20% of a 20,200 net acre position in the Eagle Ford Shale to GAIL (INDIA) LIMITED for $95 million.  The company will receive $63.65 million in cash and an additional $31.35 million in the form of a drilling carry.

Carrizo Oil and Gas also purchased additional leasehold in the Eagle Ford Shale that is not included in the deal with GAIL (INDIA) LIMITED.  The company will have a 41,000 net acre position taking into effect these purchases and the joint venture.